TripAdvisor(TRIP) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2025 was $529 million, a 7% increase year-over-year[6] - GAAP net income for Q2 2025 was $36 million, or $0.28 diluted EPS, representing a 49% increase from the previous year[6] - Non-GAAP net income for Q2 2025 was $60 million, or $0.46 diluted EPS, a 5% increase year-over-year[6] - Adjusted EBITDA for Q2 2025 was $107 million, or 20.2% of revenue, an 11% increase from the previous year[6] - Cash flow from operating activities was $202 million, a significant increase of 281% compared to the previous year[6] - Net income for the three months ended June 30, 2025, was $36 million, compared to $24 million for the same period in 2024, reflecting a year-over-year increase of 50%[22] - Net cash provided by operating activities for the six months ended June 30, 2025, was $304 million, significantly higher than $190 million for the same period in 2024, marking a 60% increase[22] - Total revenue for FY 2024 was $1,834.6 million, representing a year-over-year growth of 5%[42] - The company reported a GAAP net loss of $59.3 million in Q1 2024, reflecting a year-over-year decline of 19%[42] Segment Performance - Viator revenue grew by 11% year-over-year to $270 million, with adjusted EBITDA increasing by 230% to $32 million[11] - TheFork revenue reached $54 million, reflecting a year-over-year growth of 28%[16] - Viator revenue increased by 16% year-over-year, reaching $840.1 million in FY 2024[42] - TheFork revenue grew by 23% year-over-year, amounting to $180.8 million in FY 2024[42] - Tripadvisor experiences and dining revenue decreased by 8% year-over-year, totaling $169.5 million in FY 2024[42] Cash and Assets - As of June 30, 2025, the company had approximately $1.2 billion in cash and cash equivalents, an increase of $148 million from December 31, 2024[7] - Total assets increased to $2,867 million as of June 30, 2025, up from $2,561 million on December 31, 2024, representing a growth of 11.9%[20] - Cash and cash equivalents at the end of the period were $1,212 million, up from $1,064 million at the beginning of the period, showing an increase of 13.9%[22] Shareholder Actions - The company repurchased approximately 2.8 million shares for $40 million during the quarter, with $160 million remaining for future repurchases[8] - The company repurchased $80 million of common stock related to a merger during the three months ended June 30, 2025[22] Debt and Liabilities - Total current liabilities rose to $1,249 million as of June 30, 2025, compared to $628 million on December 31, 2024, indicating a 98.5% increase[20] - Long-term debt remained relatively stable at $822 million as of June 30, 2025, compared to $831 million on December 31, 2024[20] Non-GAAP Measures - Non-GAAP net income (loss) allows for comparison of financial results between periods, excluding certain items not tied to core operations[32] - Non-GAAP diluted EPS is calculated as non-GAAP net income (loss) divided by GAAP diluted shares, providing a per share basis for financial performance[33] - Non-GAAP operating expenses exclude unpredictable items such as legal reserves and stock-based compensation, enabling better comparison of financial results[35] - Adjusted EBITDA does not reflect cash expenditures, working capital needs, interest expenses, or tax payments, limiting its usefulness as a comparative measure[31] - The company emphasizes that non-GAAP measures have limitations and should be evaluated alongside GAAP financial statements[34] Future Outlook - The company anticipates continued revenue growth in the upcoming quarters, driven by market expansion and new product developments[40] - The company plans to continue monitoring key operational metrics such as Gross Booking Value (GBV) and experience bookings to assess marketplace health and growth[52][54] Mergers and Acquisitions - The merger with Liberty TripAdvisor Holdings, Inc. was completed for an aggregate transaction price of $437 million[12] Marketing and Expenses - Marketing expenses for FY 2024 totaled $728.6 million, with Q4 marketing expenses at $152.0 million[50] - Personnel costs for FY 2024 were $594.9 million, with Q4 personnel costs at $145.6 million[50]